Canadian stocks have lost early gains that saw the index reach
around 12,240 mid-morning. The Toronto Stock Exchange is now down
around 30 points at the 12,180 level and trading in a narrow range,
following European and other North American equity indices lower as
talks between the White House and U.S. congressional leaders drag
in efforts to resolve so-called fiscal cliff crisis.
Shares of energy and financial issues are declining today
although Canada's biggest bank Royal Bank (RY.TO) beat earnings
forecasts yesterday and the price of oil is higher.
In economic news, Real gross domestic product (
) rose 0.1% in the third quarter, slowing from the 0.4% growth in
the second quarter, according to Statistics Canada. The slower pace
of growth resulted from export declines - falling 2.0%, the largest
slide in over three years - as well as a fall in business
Here's where the Canadian market stands today:
- S&P/TSX Composite index down 31.86 (-0.26%) to
In company news, shares of Nexen (NXY, NXY.TO) are up nearly 3%
today after a cabinet minister thought to oppose CNOOC's plans to
acquire the oil and gas company said a recent foreign investment
agreement should work to ensure Canadian values - including human
rights - are respected by Chinese companies.
The government has set a Dec. 10 deadline for deciding whether
to approve the deal. Ottawa also is expected to unveil updated
guidelines for foreign investment at the same time.
"As far as I'm concerned, the (Foreign Investment Protection and
Promotion Agreement) gives us a great deal of reciprocity,"
Immigration Minister Jason Kenney said today. "Now Canadians will
have some enforceable legal remedies to protect their investments